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Accel-KKR Completes Sale of Majority Interest in Seequent

Culmination of Category Leadership Strategy in 3D Modeling Geosciences Technology

Menlo Park, CA & Christchurch, NZ – JUNE 21, 2021 – Accel-KKR, a leading technology-focused investment firm with over $10 billion in capital commitments, today announced that it has completed the sale of its majority interest in Seequent, a leader in software for geological and geophysical modeling, geotechnical stability, and cloud services for geodata management, visibility, and collaboration, to Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, for $900 million in cash considerations and approximately 3.1 million shares of BSY (approximately $200 million in value). The transaction was first announced in March 2021.

Accel-KKR made a growth equity investment in Seequent in September 2018, and supported the company in its acquisition of Geosoft in the first 100 days of the investment, adding subsurface geophysics and data technology to Seequent’s geological modeling suite. In October 2019, Seequent acquired Canadian-based GEOSLOPE, a leading geotechnical software company, to expand Seequent’s solutions to improve overall engineering and design workflows for its client base. Accel-KKR was awarded the 2019 “Investor of the Year” for its investment in Seequent by the American Chamber of Commerce in New Zealand.

Shaun Maloney, CEO of Seequent, led the capital raise with Accel-KKR in 2018, oversaw Seequent’s growth during AKKR’s investment period and was instrumental in its eventual sale to Bentley Systems.

Shaun Maloney said, “We have met many potential investors over the years. Accel-KKR rose to the top because of its approach to partnering with management and rolling up its sleeves to help us achieve our full potential. They were true to their word, and the company grew rapidly through innovative product solutions and market expansions. Looking ahead, Seequent is poised to do even more great things within Bentley’s ecosystem.”

“With a strong management team driven by a clear vision, Seequent rapidly built itself into a global tech leader that enables better decisions about earth environment and energy challenges,” said Dean Jacobson, Managing Director of Accel-KKR.

Tom Barnds, Managing Partner of Accel-KKR added, “Our firm was able to fuel their growth with capital and strategic assistance especially in the areas of inorganic growth, and we are proud of the results we accomplished together. We couldn’t be more pleased with the outcome for the entire Seequent team, and we thank Shaun for being an outstanding partner from day one.”

About Accel-KKR:

Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. To learn more, visit

About Seequent:

Seequent is a world leader in the development of 3D geological modelling and visual data software for understanding subsurface geoscience and engineering design solutions. Our solutions enable people to analyze complex data, manage risk and ultimately make better decisions about earth, environment, and energy challenges.

Seequent software is used on large-scale projects globally, including road and rail tunnel construction, groundwater detection and management, geothermal exploration, subsea infrastructure mapping, resource evaluation and subterranean storage of spent nuclear fuel.

Seequent’s global footprint includes its Christchurch-based HQ and R&D center, and a network of offices across Asia/Pacific, Africa, South America, North America and Europe servicing blue chip companies and customers with leading subsurface solutions in over 100 countries. Visit